Richest Indians via stockholdings

This was in the paper a couple days ago listing the top 10 Richest Indians based on their Indian stockholdings as of Dec 31, 2005. This list is not comprehensive as most of India’s wealth is still hidden (locally known as “black money”) and very difficult to track. It makes the books of Enron, WorldCom, Adelphia, etc… seem like a simple 2 hour audit.
1. Mukesh Ambani – Rs. 60,800 crore (approx USD $15.2 billion) Reliance Industries Limited (RIL)
2. Azim Premji – Rs. 53,800 crore Outsourcing powerhouse Wipro
3. Sunil Mittal – Rs. 29,900 crore Bharti Tele-Ventures which runs the largest GSM network in India under the brand Airtel
4. Tulsi Kanti – Rs. 18,000 crore Suzlon Energy a wind power company based in Pune
5. Shiv Nadar – Rs. 15,400 crore HCL Group which controls both HCL Infosystems and HCL Technologies
6. Kumar Mangalam Birla – Rs. 12,600 crore Chairman of the Adiyta Birla Group whose core business is cement
7. Anil Ambani – Rs. 11,800 crore This only includes Reliance Capital and Reliance Energy, with the upcoming IPO of Reliance Infocomm he will easily move up the list.
8. Dilip Sanghvi – Rs. 9,000 crore At first glance, I thought one of my uncles was sand bagging his wealth but no such luck, my uncle assures me it’s some other Dilip Sanghvi. He’s right this Dilip Sanghvi is head of Sun Pharma.
9. Naresh Goyal – Rs. 7,900 crore JetAirways
10. Rahul Bajaj – Rs. 7,600 crore Bajaj scooters. He’s actually worth much more as Bajaj has one of the largest corporate treasuries in the country, estimated at over Rs. 20,000 crore.

D Day for Reliance

Jan 18th was D Day for the Reliance Group, the de-merger of the Reliance Group took place. Main reason was because the two brothers can’t seem to get along, so they proposed a plan to split one of India’s biggest business empires. The older brother, Mukesh Ambani, will keep Reliance Industries Limited (RIL) – the petrochemical giant. While, the younger brother, Anil Ambani, will operate his 4 businesses under the “Anil Dhirubhai Ambani Group” (ADAG) umbrella:

1. Reliance Capital – financial services

2. Reliance Communication – telecommunications comprised of 3 entities:
– Reliance Communications Infrastructure Limited (RCIL) – broadband
– Reliance Infocomm Limited (RIC) – CDMA mobile network
– Reliance Telecom Limited (RTL) – GSM mobile network

3. Reliance Energy – coal based energy

4. Reliance Natural Resource Ltd – gas based energy

Only time will tell who got the better end of the deal. Right now it seems RIL is the powerhouse but the potential for Reliance Capital or Reliance Communication could be massive. Stay tuned. PDF on the de-merger from RIL

Un-Real Estate in Bombay

The biggest real estate deal ever in Bombay was just completed. Reliance Industries (Mukesh Ambani) paid Rs 1,104 cr (around USD $276 million) for an 18.4 acre plot in the Bandra-Kurla Complex that has been set aside for a convention center. The overall price puts the deal at Rs. 9600/sq foot plus an additional Rs. 4000 for construction costs. The convention center is a sorely needed venue for Bombay as most big tradeshows can’t host an event due to the lack of any existing facilities. Absent from the bidding were the big Bombay builders such as the Raheja’s or Hirandandani’s, other bidders for the land were:
2. DLF-Akruti @ Rs. 1,050 cr
3. Reliance Communications (Anil Ambani) @ Rs. 1,011 cr
4. Gammon India @ Rs 1,011 cr
5. Emar Properties @ Rs. 911 cr

In addition to the commercial segment scaling new heights so is the residential market. In the last couple of weeks, several flats in the Nariman Point area have sold for between Rs 35,000 to 40,000/sq foot. Rates in the tony parts of Bombay such as Cuffe Parade, Altamount Road and Nepeansea Road are also hitting all new highs.

2006 Mumbai Marathon

After talking about running the Mumbai Marathon for the past 5 months, it finally happened on January 15, 2006. In the 3rd edition of the Standard Chartered Mumbai Marathon, the city did a great job of promoting the race and making sure it when off with no hitches. In 2004 and 2005, they had around 25,000 participants. This year they expected over 28,000. Most of the people were running the 7.5km Dream run. The breakdown was:
– Full marathon – 3,000
– Half marathon – 5,000
– Dream run – 18,000
– Senior citizens – 2,000

I was planning to run the full marathon @ 42km, however my lack of training made me opt for the half marathon a couple months back. Even that was in jeopardy, the day before the race I was feeling sick and had only trained for 10 days prior to the race. The night before the race, I got only 4-5 hours of sleep. In the end I ran 21km in 2 hours and 16 minutes, which ranked me 360 out of 5,000 runners for the half-marathon. Unbelievable. Race Map We started from the VT station at 7:00a and ran towards Marine Drive. Then from Nariman Point to Chowpatty. This was one of the best parts of the run – people cheering, no horns and no sun. Then we headed to Peddar Road and the first big incline at the Kemp’s Corner flyover and ran towards to Haji Ali. From there we continued to Worli and did a turn around somewhere in Worli. Coming back via the same route was okay except the sun had started to shine and was getting hot as we headed towards Haji Ali. The Boston Marathon has their “Heartbreak Hill” and the Mumbai Marathon has “Heartbreak Haji Ali.” After running 13km, the incline of Peddar Road near Haji Ali started to wear on me, but I continued my pace and honestly it wasn’t that bad. Anyways, you know the rest of the story I finished in 2 hours and 16 minutes. Saw a guy from about 15 yards away that I thought I recognized, as he came closer it was none other Anil Ambani of Reliance, his number 9999. And he was running the half marathon. Pics from the race

Happy New Year

Another year passed by and another year of ushering in the new year in India. After celebrating the new year in Goa for the past 3 years, I decided at the last minute to move the venue to Pune and what an great time. Got to hang out with many of my cousins and close family friends at this guy’s house in Pune. He invited 1500 of his closest friends and the whole thing was on the house. Great time.
Pics from the party.
Here are some pics from an engagement party in south Bombay.